Question

Accounting information system

Accounting and information system

2.9 You were hired to assist Ashton Fleming in designing an accounting system for Ss&s Ashton has developed a list of the journals, ledgers, reports, and documents that he thinks S&S needs (see Table 2-4). He asks you to complete the following tasks: a. Specify what data you think should be collected on each of the following four docu- s: sales invoice, purchase order, receiving report, employee time card b. Design a report to manage inventory c. Design a report to assist in managing credit sales and cash collections. d. Visit a local office supply store and identify what types of journals, ledgers, and blank forms for various documents (sales invoices, purchase orders, etc.) are avail- able. Describe how easily they could be adapted to meet S&S's needs. Answer the following 10 multiple choice questions 2.10 Which of the following statements is (are) true? a. Tunaround documents are company output sent to an external party and returned as b. Data is one of a company's most important resources but, to function properly, most c. Each type of entity possesses the same set of attributes or characteristics of interest an input document. organizations do not have to have the data readily and easily accessible. that are stored, but the specific data values for those attributes will differ depending on the entity processing, requires conscious effort and involvement by top management. d. Online data processing is almost always cheaper and more efficient than batch e. Reaping the potential benefits of ERP systems and mitigating their disadvantages 2.9 You were hired to assist Ashton Fleming in designing an accounting system for S&S. Ashton has developed a list of the journals, ledgers, reports, and documents that he thinks S&S needs (see Table 2-4). He asks you to complete the following tasks: a. Specify what data you think should be collected on each of the following four docu- ments: sales invoice, purchase order, receiving report, employee time card. b. Design a report to manage inventory c. Design a report to assist in managing credit sales and cash collections. d. Visit a local office supply store and identify what types of journals, ledgers, and blank forms for various documents (sales invoices, purchase orders, etc.) are avail- able. Describe how easily they could be adapted to meet S&S's needs. 2.9 You were hired to assist Ashton Fleming in designing an accounting system for S&S. Ashton has developed a list of the journals, ledgers, reports, and documents that he thinks S&S needs (see Table 2-4). He asks you to complete the following tasks: a. Specify what data you think should be collected on each of the following four docu- ments: sales invoice, purchase order, receiving report, employee time card. b. Design a report to manage inventory c. Design a report to assist in managing credit sales and cash collections. d. Visit a local office supply store and identify what types of journals, ledgers, and blank forms for various documents (sales invoices, purchase orders, etc.) are avail- able. Describe how easily they could be adapted to meet S&S's needs.

Answer 1

1.The following data should be collected for each of the document:-

Sales Invoice

Customer name and address, Customer account number, Customer order number, Salesperson code, Shipping Address,Shipper and date shipped, Terms of sale, Total Amount due, Product description, quantity ordered, Quantity shipped, Unit price, Extended price, Taxes, if applicable

Purchase order

Ship to address, Bill to address, Purchasing agent number, Quantity of part ordered, Price of part ordered, Item number ordered, payment terms, Date of purchase, Total amount of purchase, Supplier name or number, Shipping instructions, Taxes, if applicable

Receiving Report

Vendor name, Vendor address, Shipper, Quantity received, Vendor number, Date received, Receiving clerk number, Purchase order number, Description/Quality marks

Employee Time Card

Employee name, Employee Number, Pay period, Department number, Employee signature, Total regular hours, Total overtime hours, Time In/ Time out